New Mexico Auto Insurance Quotes

If you have been on the lookout for New Mexico Auto Insurance coverage, then this is just the place for you. Here, you will be able to find new updated information on the new auto insurance laws in New Mexico. You will also be able to access the auto insurance quotes from different carriers who hold valid licenses to carry out their business in New Mexico. However, before you purchase the auto insurance policy, you must ensure that you are aware of New Mexico's requirements for minimum coverage, in order to be able to understand the policy you have to purchase to drive around legally in New Mexico. After this, you can obtain auto insurance quotes from different carriers who have the authorization to provide auto insurance coverage to motorists in New Mexico.

New Mexico Liability Coverage Requirements

Like most states, New Mexico requires drivers to carry minimum amounts of liability coverage on any vehicle that is registered in the state. In order to be in compliance with the state's auto insurance laws, motorists must maintain $25,000 of coverage for bodily injuries for one person in one accident; $50,000 for all bodily injuries in one accident; and $10,000 for property damage in one accident. Of course, drivers can choose to purchase more coverage than the minimum required by law depending on the value of their vehicles and their individual financial situations. While some states require motorists to purchase personal injury protection and uninsured motorist coverage, New Mexico does not require this type of coverage on registered vehicles. Drivers can also establish financial responsibility by leaving $60,000 with the state treasurer's office. However, most motorists choose to obtain liability insurance coverage because it is more affordable than make a $60,000 cash deposit.

New Mexico Uninsured Motorist Coverage

While uninsured motorist coverage is optional in Mexico, it is a good idea to purchase this type of coverage. New Mexico has the highest rate of uninsured motorists in the United States, with nearly 30% of drivers in New Mexico not carrying the required liability insurance coverage.

If you plan to drive around in New Mexico, it is better to have the Uninsured Motorist coverage as this will help pay for the medical bills in the event you are involved in an accident that is caused by one of the uninsured motorists. This cover normally includes the Underinsured Motorist coverage or the UIM and it offers protection in case you are hit by a motorist who is underinsured. This will take care of the medical bills as well as the cost of repairing the damage to your vehicle which may even exceed the faulty driver's own policy limits.

You can also avail the other option where you can purchase the uninsured motorist property damage coverage which is also known as the UMPD as this pays for the damages caused to your car. But, there are many drivers who carry comprehensive and collision coverage instead and this pays for damage to your vehicle in this case, as well as the damage caused due to natural elements such as hail, falling tree branch, collision with some animal etc.

Uninsured motorist coverage is optional in many states, though you will have to sign an undertaking stating that you have chosen not to purchase it.

The uninsured motorist rates are estimated by the Insurance Research Council depending on how often car crash claims that involve uninsured motorists are processed by the auto insurance companies. According to the latest available data from 2009, it has indicated that the rate is around 26%. But before the Insurance Identification Database was implemented, New Mexico was the second highest with regard to the uninsured motorist rate in the US which was estimated at around 30% as per the information from Insurance Research Council.

Penalties for Failure to Maintain Coverage

Proof of car insurance must be kept in your vehicle in case you are pulled over or get into an accident. If you do not have proof of insurance and it is requested by a law enforcement officer, you can bring proof insurance to the police station with you on the same day you are stopped. If you do not have insurance coverage, you can be charged with a misdemeanor and you will lose your vehicle registration. The fine for driving without insurance can be $300 or more, and you may have to pay additional fees to have your registration reinstated.

Factors That Affect Auto Insurance Rates

Having a good driving record can fetch you a lot of discounts on your auto insurance premiums. In fact, it is not just the driving record, but even having a good credit history will help in fetching you discounts.All these things indicate responsible behavior, which is what the insurers want. You can also benefit if you can show proof of lesser mileage. When you show that you drive very rarely, you can get a discount on your premium for showing lower mileage. Premiums are always on the lower side for those who drive around in the suburbs when compared to those who drive within city limits. In general, women get to pay lesser premiums when compared to men. It is the same with married people too as they are also considered less risky and more responsible. These are all some of the factors that affect auto insurance rates.

Tips ToHelp Avail Discounts.

Anything that reduces the risk factor will help in fetching discounts. For example, installing safety devices in the vehicles, such as anti-lock braking systems, air bags, or anti-theft devices, etc., will help in getting you discounts as it will go to prove that you are doing your bit to cut down on the risks. Hence, the insurers will reciprocate by offering you discounts.